In the “last couple of months there’s been a concern in
terms of inflation. Like most things, they always find a flavor
of the month. Although the inflationary issue continues,
interest rates have been gradually increased and China has been
the biggest proponent on that, in terms of increasing the triple
R.”

On the attractiveness of emerging markets:

“With the strong performance in developed markets, you’re
seeing valuations get dropped, narrowing as well, and potential
QE2 being taken away, we will not be surprised to see interest
coming back to emerging markets. But that’s pretty much a short-
term view. From our perspective it’s been no change in terms of
how we want to expose ourselves to emerging markets, toward
domestic consumption.”